Resources & Reserves

⁽¹⁾ All Mineral Resources have been estimated in accordance with Canadian Institute of Mining Standards. Mineral Resources are not known with the same degree of certainty as Mineral Reserves and do not have demonstrated economic viability. In addition, the quantity and grade of reported inferred mineral resources shown above are uncertain in nature and there is insufficient exploration to define these inferred mineral resources as an indicated or measured mineral resource and it is uncertain if further exploration will result in upgrading them to an indicated or measured mineral resource category.

Mineral Resources are presented inclusive of Mineral Reserves. Numbers may not sum due to rounding.

⁽²⁾The Mineral Reserves for El Castillo and San Agustin, which together form the El Castillo Complex, set out in the above table were taken from the El Castillo Complex Technical Report, including depletion through mining activities and changes to recovery and cost assumptions from July 1, 2017 to December 31, 2018, are valid as of December 31, 2018 and used a gold price of $1,200 per ounce and silver price of $14 per ounce. Cut-off grades, depending on rock and ore type, varied from 0.14 g/t AuEq for oxide to 0.57 g/t Au for silicified sulphide.

⁽³⁾The Mineral Reserves for La Colorada were taken from the La Colorada Technical Report, including depletion from July 1, 2017 to December 31, 2018 through mining activities, are valid as of December 1, 2018 and used a gold price of $1,200 per ounce and silver price of $14 per ounce. Cut-off grades, depending on deposit, varied from 0.12 g/t AuEq to 0.14 g/t AuEq.

⁽⁴⁾The Mineral Reserves for for the Cerro del Gallo Project were taken from the Pre-Feasibility Study results announced on December 18, 2019. The Mineral Reserve was estimated at a gold price of $1,200 per ounce and $14.50 silver. The Mineral Reserve used a cutoff of 0.30 g/t and 0.31 g/t for oxide materials and 0.34 g/t and 0.39 g/t for sulphide materials.

⁽⁵⁾The Mineral Reserves for Magino were taken from the Magino Technical Report. The Mineral Reserve was estimated at a gold price of $1,200 per ounce. The Mineral Reserve used a gold cutoff of 0.41 g/t.

⁽⁶⁾The M&I Mineral Resources and Inferred Mineral Resources for El Castillo and San Agustin, which together form the El Castillo Complex, set out in the above table were taken from the El Castillo Complex Technical Report, including depletion through mining activities and changes to recovery and cost assumptions from July 1, 2017 to December 31, 2018, are valid as of December 31, 2018 and used a gold price of $1,400 per ounce and silver price of $17 per ounce. Cut-off grades, depending on rock and ore type, varied from 0.10 g/t AuEq for oxide to 0.47 g/t Au for silicified sulphide.

⁽⁷⁾The M&I Resource and Inferred Resource for La Colorada were taken from the La Colorada Technical Report, including depletion through mining activities from July 1, 2017 to December 31, 2018, are valid as of December 31, 2018 and used a gold price of $1,400 per ounce and silver price of $17 per ounce. Cut-off grades, depending on deposit, varied from 0.09 g/t AuEq to 0.12 g/t AuEq.

⁽⁸⁾The M&I Mineral Resources and Inferred Mineral Resource for the Cerro del Gallo Project were taken from the Pre-Feasibility Study results announced on December 18, 2019. The Mineral Resource was estimated at a gold price of $1,600 per ounce. The Mineral Resource used a cutoff of 0.25 g/t for oxide material types and 0.30 g/t for sulphide material types.

⁽⁹⁾The Mineral Resources for the San Antonio Project were taken from the San Antonio Technical Report. The gold resource was estimated at a gold price of $1,500 per ounce using a cutoff grade of 0.11 g/t Au for oxide and transition and 0.15 g/t Au for sulphide.

⁽¹⁰⁾The M&I Mineral Resources and Inferred Mineral Resource for the Magino Project were taken from the Magino Technical Report. The Mineral Resource was estimated at a gold price of $1,300 per ounce. The Mineral Resource used a gold cutoff of 0.25 g/t.

⁽¹¹⁾The Mineral Resources and Mineral Reserves for the Ana Paul Project were taken from the “Ana Paula Project NI 43-101 Technical Report Amended Preliminary Feasibility Study Guerrero, Mexico” dated June 7, 2017.

⁽¹²⁾The Mineral Reserves and Mineral Resources for Florida Canyon were taken from the technical report entitled “ Technical Report Mineral Resource and Mineral Reserve Florida Canyon Gold Mine Pershing County Nevada” effective date of June 1, 2020.